University of Baguio
School of Business Administration and Accountancy
University of Baguio Vision: In pursuit of perfection, the University of Baguio is committed to
provide balanced quality education by nurturing academic excellence, relevant social skills and
ethical values in a fun-learning environment.
University of Baguio Mission: The University of Baguio educates individuals to be empowered
professionals in a global community.
School of Business Administration and Accountancy Mission: The School of Business
Administration and Accountancy edifies competitive and morally upright individuals.
School of Business Administration and Accountancy Objectives: The School of Business
Administration and Accountancy, in an exuberant learning climate, aims to nurture a business
graduate who:
1. cultivates the knowledge, skills and entrepreneurial spirit that are imperative for career
success in a globalized setting;
2. utilizes macro-environmental acumen for economic growth and development;
3. typifies professional integrity with humility; and
4. undertakes researches to promote systematic bases for business decisions.
ACCTNG1 (6 units)
Intermediate Accounting Part 1/ Financial Accounting and Reporting Part 1
Course Description
This course introduces the nature, functions, scope, and limitations of the broad field of
accounting theory. The course covers the detailed discussion, appreciation, and application of
accounting principles covering the asset accounts. Emphasis is given on the interpretation and
application of theories of accounting in relation to cash, temporary investments, receivables,
inventories, prepayments, long-term investments, property, plant and equipment, intangibles, and
other assets, including financial statement presentation and disclosure requirements. The related
internal control, ethical issues, and management of assets are also covered. Exposure to
computerized system in receivables, inventory, and lapsing schedules is a requirement in this
course.
Prerequisites
For Accountancy and BSBA students: BACTNG2, ENGLIS2, BUSMAT2. The grade
requirement for BACTNG2 is 85 for Accountancy students.
Course Coverage
Learning Contents/ Topics
Course Syllabus
VMO
Seat Plan
Leveling of Expectations
1. Accounting for Cash
a. Definition, nature and composition
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b. Recognition and measurement principles
c. Bank overdraft and compensating balance
d. Cash management and control
i. Petty cash fund
ii. Bank reconciliation
iii. Proof of cash
iv. Window dressing
e. Presentation and disclosure
2. Accounting for Loans and Receivables
a. Definition, nature and composition
b. Recognition and measurement principles
i. Initial measurement
ii. Subsequent measurement
c. Allowances and adjustments
i. Allowance method
ii. Direct write-off method
d. Computations of present value, amortization, and impairment of receivables
e. Receivable financing
f. Presentation and disclosure
3. Accounting for Inventories
a. Definition, nature and composition
b. Recognition and measurement principles
c. Inventory recording systems
i. Periodic system
ii. Perpetual system
d. Inventory costing systems
i. Specific identification
ii. FIFO method
iii. Average method
e. Inventory estimation methods
f. Other issues
g. Presentation and disclosure
4. Accounting for Prepayments
a. Definition
b. Nature and source of prepayments
5. Accounting for Property, Plant and Equipment
a. Definition, nature, and classes
b. Recognition
c. Initial Measurement
d. Subsequent Measurement
i. Cost less accumulated depreciation and impairment losses
ii. Revaluation model
e. Depreciation
i. Definition, nature and causes
ii. Depreciation methods
f. Changes in accounting method
g. Retirement and disposal
h. Presentation and disclosures
6. Accounting for Intangible Assets
a. Definition, nature and classes
b. Recognition
c. Initial Measurement
d. Subsequent measurement
e. Presentation and disclosures
7. Accounting for Investment in Equity and Debt
a. Definition
b. Classes of Investments
c. Recognition and Initial Measurement
d. Subsequent Measurement
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i. Fair value method
ii. Cost method
iii. Equity
e. Reclassification of investments
f. Impairment
g. Reversal of impairment
h. Presentation and disclosures
8. Accounting for Investment Property
a. Definition, nature and classes
b. Recognition
c. Initial Measurement
d. Subsequent measurement
e. Presentation and disclosures
9. Accounting for Biological Assets and Agriculture
a. Definition, nature and classes
b. Recognition
c. Initial Measurement
d. Subsequent measurement
e. Presentation and disclosures
Grading System
Cut-off grade is 70%. The highest possible grade is ninety nine (99); the lowest passing
grade is seventy five (75); and the lowest failing grade is 65. However, a grade of 70 will be
reflected in the final grade for all failing grades. For Accountancy students, the cut-off grade is 85.
Minimum raw score is four hundred (400) points for very grading period.
The distribution of total raw score will be as follows:
 First Grading
Class Standing= 70%; Exam= 30%
 Midterms
Class Standing= 60%; Exam= 40%
o [(Tentative Midterm Grade x 2) + First Grading Grade]/3 = Midterm Grade
 Finals
Class Standing= 50%; Exam= 50%
o [(Tentative Final Grade x 2) + Midterm Grade]/3 = Final Grade
Textbook
Robles, Nenita and Empleo, Patricia (2011). Intermediate Accounting Part 1. Mutual Books Inc.
References
Valix, Condrado; Peralta, Jose; Valix, Christian (2009). Financial Accounting Volume 1. Manila:
Conanan Educational Supply.
Valix, Condrado (2010). Theory of Accounts Reviewer. Manila: Conanan Educational Supply.
www.iasplus.com
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